Middle East private banking continues to expand in 2015
The number of Gulf based banks that are hiring within private banking has increased over the last year.
The number of Gulf based banks that are hiring talent within private banking has increased dramatically over the last twelve months. This trend has been observed across Europe and the MENA region. The report also noted a significant rise in the hiring levels of bankers by the traditional Swiss private banks based in Geneva, Zurich and across their Middle Eastern platforms.
While hiring level across other business areas of banking have seen flat or stable growth, private banking remains high on the list for many banks growth strategies. Mohammed Al-Khalifa, Partner at Stormbridge International, said "there has been an increase in demand for talent from both the Gulf banks and the international banks based in London and Geneva. We are seeing that most of the growth in hiring from these institutions, is within the private banking arena."
Since 2008 and the on-set of the global economic slowdown, banks have been looking at more effective ways of increasing their revenues. With the increased wealth deriving from the Gulf, banks in the region have looked to private banking as a key opportunity to increase revenue. In turn, this has created a surge in demand for talent amongst these banks, especially for bankers who have clients across key regions such as Qatar, Saudi Arabia and the UAE. The report highlighted that the compensation levels for these bankers has increased considerably over the last year as more banks try to capture a piece of this lucrative market.
Andre Nasr, CEO at Stormbridge, said "the demand is continuing to outstrip supply for experienced Private Bankers, especially within the MENA banking community. With the increased flow of money from the Gulf to Europe, our clients are extremely active in hiring across all the traditional hubs for private banking; Geneva, London and the UAE."
The report noted that growth and hiring will continue at a fast pace, within the MENA private banking arena, throughout the rest of 2015.